Gold has surged recently, but the latest forecast prices were revised down, the paper said, citing pullback risk after the rapid run-up and uncertainty over real rates and the dollar.

Gold's strength has ridden safe-haven demand amid Middle East tensions after Khamenei's death and steady central-bank buying.

Oil, meanwhile, reversed for a second day despite renewed US-Iran clashes — spiking then slumping — as supply fears wrestle with demand-slowdown forecasts.

Analysts note that when geopolitics moves prices day by day, forecast confidence bands widen; they advise staged entries and risk management.

For Chinese trading houses dealing in metals and commodities, managing this dual volatility alongside currency swings is now the task.